The Indian rupee opened lower by 19 paise at 69.81 per dollar on Wednesday versus previous close 69.62.
Rupee consolidated in a range ahead of the important USD-INR swap auction conducted by RBI for the second in the last two months. The RBI again received overwhelming response and received bids worth USD 18.65 billion compared with its promise to take in USD 5 billion. With these two moves, the banking system will have cash injection of nearly Rs 60,000 crores, said Motilal Oswal.
While the overwhelming response is a surprise, the cut-off premium, the threshold for banks to receive any allotment, was pegged at 838 paise, up from 776 in the first auction higher than the equivalent market rate.
Today, USD-INR pair is expected to quote in the range of 69.40 and 69.95, it added.
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